Trump talks Iran, Immigration & Smaller Government in One-on-One w NBC News

Summary

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Podcast Summary: The 47 Morning Update with Ben Ferguson

Episode: Trump talks Iran, Immigration & Smaller Government in One-on-One w NBC News
Date: February 5, 2026
Host: Ben Ferguson
Special Guest: President Donald Trump (via NBC News interview)

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Episode Overview

This episode centers on President Donald Trump's wide-ranging interview with NBC News, covering key policy issues during his second term, including economic policy and interest rates, government size and spending, U.S. foreign policy on Iran, changing approaches to immigration, media relations, and his thoughts on legacy and leadership. Ben Ferguson plays and comments on highlights from the interview, offering additional context and analysis for listeners.

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Key Discussion Points & Insights

1. U.S. Economy & Interest Rates

• Trump’s Confidence in Lower Interest Rates
  Trump expresses certainty that the Federal Reserve will lower interest rates soon, noting that this will aid American consumers and buoy the economy.

  • Quote (Trump, 03:43):
    “I just think they're going to be lower. To admit they should.”
  • Trump emphasizes the importance of growth over government expansion:
  • Quote (Trump, 03:46):
    "We're way high in interest. We have now with me and with all the money, I've always been good at money. ... We have debt, but we also have growth. And the growth will soon make the debt look very small."

• Federal Workforce and Government Size

  • Trump touts his administration eliminating “hundreds of thousands” of federal jobs, arguing this is healthier than artificially boosting employment stats by increasing government hiring.
    • Quote (Trump, 03:46):
      “We got rid of hundreds of thousands of federal workers, and those workers went out and got themselves jobs in the free enterprise system... You know what that's called? Making America great again.”
    • Quote (Trump, 04:49, Paraphrased by Ben Ferguson):
      “I'm not going to fake the numbers of the federal government on employment... You, as a taxpayer, are going to be paying for it.”

2. U.S. Policy on Iran & National Security

• Military Action & Peace in the Middle East

  • Trump claims credit for destroying Iran’s nuclear program, asserting that U.S. military strikes were decisive in preventing Iran from acquiring nuclear weapons.
    • Quote (Trump, 05:33):
      “I would say [the Supreme Leader] should be very worried. ... We went in, we wiped out their nuclear.”
    • He argues this action facilitated peace deals in the Middle East, as Arab countries “were very, very afraid of Iran.”
      • Quote (Trump, 05:45):
        “If we didn't take out that nuclear, we wouldn't have peace in the Middle East because the Arab countries could have never done that. ... They're not afraid of Iran anymore.”

• On Iran Restarting a Nuclear Program

  • Trump threatens further military action if Iran attempts to restart its program.
    • Quote (Trump, 06:38):
      “I heard that they are. And if they do ... we're going to send them right back and do their job again.”
    • Quote (Trump, 07:02):
      “We found out about it. I said, you do that, we're going to do very bad things to you.”

3. Immigration Policy

• Shift to a ‘Softer Touch’
  • Trump notes his administration learned to apply a softer approach in some immigration enforcement situations—while still emphasizing toughness where necessary—as a sign of responsiveness and improvement (01:40–02:30).

4. Government Spending & Accountability

• Federal Reserve Renovation Critique

  • Trump criticizes the cost overruns of the Federal Reserve building renovation, labeling it government waste and highlighting his focus on fiscal responsibility.
    • Quote (Trump, 08:51):
      “Why are you spending almost $4 billion on a very small little complex of buildings? ... They're spending more money than any building ever built in history per square foot.”

• Investigation into Former Fed Chair

  • Regarding the criminal investigation into Jerome Powell, Trump denies it is personal or retributive, instead deferring to the justice process.
    • Quote (Trump, 09:46):
      “The investigation is being handled by Pam and Janine and the people. They'll make their own decision.”

5. Media Relations & Legacy

• Trolling the Media on Presidential Tenure

  • Trump deflects a question about the possibility of a third term, deliberately baiting the press.
    • Quote (Trump, 07:32):
      “I don't know. It would be interesting, but wouldn't it be terrible if I agreed with you...? But I only do this for one reason, make America great again. And that's what we're doing.”

• Thoughts on Leadership and Legacy

  • Trump reflects humorously on comparisons to historic presidents and the “GOAT” (Greatest of All Time) label.
    • Quote (Trump, 10:17):
      “All I know, I'm walking down and everyone's screaming, goat, goat. I said, what are they talking about? I hope they're right. Not for me, but for the country. Because if I do a great job, that means the country is doing well.”

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Notable Quotes & Memorable Moments

• On Interest Rates and the Fed:

  • "If [my Fed pick] came in and said, I want to raise [interest rates], ... he wouldn't have gotten the job." (Trump, 04:47)

• On Iran Diplomacy and Military Action:

  • "Those beautiful B2 bombers went in and they hit their target, every single bomb and obliterated it. ... They were going to have a nuclear weapon within one month. That was a big threat. They're not going to have it anymore." (Trump, 05:45–06:31)

• On Third Term Questioning:

  • “Wouldn't it be terrible if I agreed with you, if I gave you the answer that you're looking for? It would make life so much less exciting, right?” (Trump, 07:32)

• On Government Waste:

  • “They're spending more money than any building ever built in history per square foot.” (Trump, 08:51)

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Timestamps for Key Segments

• 01:40 – Ferguson introduces the NBC interview and Trump’s outlook on the economy
• 03:36 – Trump on interest rates, the Fed, and cutting federal jobs
• 05:30 – Iran policy: military actions, nuclear threat, and peace in Middle East
• 07:26 – Pressed on a potential third term; Trump teases the media
• 08:34 – Trump attacks Federal Reserve building renovation costs
• 10:10 – Trump addresses presidential legacy and the “GOAT” label

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Tone & Style

The tone is characteristically direct, brash, and unapologetic—both from Trump and host Ben Ferguson. Trump uses colorful metaphors (“beautiful B2 bombers”) and trademark rhetorical flourishes, especially when critiquing opponents and touting achievements. Ferguson’s commentary is supportive, reinforcing Trump’s points and framing them as victories for everyday Americans.

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This summary captures the substance and memorable moments of the episode, including timestamps for easy reference, and maintains the conversational, combative style of the original. For listeners seeking a direct line to Trump’s policy positions, rhetorical style, and media approach, this episode delivers on all counts.

Transcript

[Donald Trump]

This is an iHeart podcast guaranteed human.

[Winter Olympics Announcer]

Friday Kick off the Winter Olympics in style with the opening ceremony from Italy featuring a special performance by Mariah Carey. Celebrate the greatest athletes from around the globe as they come together to go for gold. Lipsy for sensational the opening ceremony of the Winter Olympics.

[Ben Ferguson]

Ilia Malady redefining the sport Friday at.

[Winter Olympics Announcer]

8 Eastern, 7pm Central on NBC.

[Donald Trump]

And Peacock I say that we cannot have corrupt elections if we have to. If they don't, straighten it out. As an example, voter id. Why don't the Democrats want voter id? You know who does want voter id? Democrat voters want it, but Democrat politicians don't. Why do they want it? Because they want to cheat on elections. If they don't want voter id, that means they want to cheat. We can't allow cheating in elections.

[Ben Ferguson]

You're listening to the 47 Morning Update with Ben Ferguson.

Good Thursday morning. Nice have you with us on the 47 Morning Update and we've got one major story for you. Donald Trump sits down with NBC News in a wide ranging interview talking about exactly what he's doing for Americans, what his plans are moving forward, and even trolling the media a little bit as well. Why is it that the media hates Trump so much, especially when he's willing to do these types of interviews? Answer virtually any question. We're going to play some of it for you and you'll hear directly from President Donald Trump. It's the 47 Morning Update and it starts right now.

Story number one, Donald Trump sitting down.

With NBC News having a very blunt and honest conversation focusing on all of the substantive changes that we've had during the Trump administration. He talked about American confidence, number one, saying that he has strong confidence on interest rates which are going to help all Americans. Trump said there is not much doubt that the US Interest rates will be lowered by the Federal Reserve, signaling much more favorable borrowing costs ahead for consumers. That is something that the markets and many business owners he said are welcoming. He also emphasized that his nominee for the Fed Chair understands his priority. The President also said that it is important that we allow the DOJ to handle business deals. This just hours after that antitrust hearing on Netflix. In contrast to his earlier comments, Trump stated he would not intervene in the high profile corporate competition between Netflix and Paramount over the potential acquisition of Warner Bros. Discovery, instead letting the Department of Justice review it independently. This shift was framed as respecting the process and reducing political influence on business decisions. The President also said that we're making great strides when it comes to immigration. Trump saying his administration learned it might be wise to take a little bit of a softer touch. Yes, that is the president's words in certain immigration enforcement situations, while still emphasizing toughness where needed. This was presented as a sign of responsiveness and learning from experience, something Democrats are, well, very concerned. The president also talked about money and the American people, his administration, and the national debt, saying this, let's get to the Fed.

[Interviewer]

Is there any doubt in your mind that interest rates are going to be lowered?

[Donald Trump]

Not much.

[Interviewer]

Why? How can you say that?

[Donald Trump]

I just think they're going to be lower. To admit they should.

[Interviewer]

Is your new Fed pick on board with that?

[Donald Trump]

We're way high, okay? We're way high in interest. We have now with me and with all the money, I've always been good at money. And with all the money coming into our country, we're a rich country again, we have debt, but we also have growth. And the growth will soon make the debt look very small. Because the greatest way you have two ways. You can cut, cut, cut. And we do that anyway. We did that. You know, we got rid of hundreds of thousands of federal workers, and those workers went out and got themselves jobs in the free enterprise system. And you know what that's called? Making America great again. We had 10 workers in the federal government for every single job. When the Democrats go in, they hire. I could right now give you the best employment numbers in history. You know what I do? Go out and hire 2 million people, put them in the federal government.

[Interviewer]

Does your new Fed pick.

[Donald Trump]

I do the opposite.

[Interviewer]

Does your new Fed pick understand that you want him to lower interest rates?

[Donald Trump]

I think he does, but I think he wants to anyway. I mean, if he came in and said, I want to raise him, if.

[Interviewer]

He said that, he wouldn't have gotten the job.

[Donald Trump]

He would not have gotten a job.

[Ben Ferguson]

No, you listen to the president. There two points he's obviously making. Number one, I'm not going to fake the numbers of the federal government on employment. I'm not going to go hire 2 million government workers, which is what the Democrats did to artificially inflate the employment numbers. He said, I can give you the best employment numbers in history, but guess what? You, as a taxpayer, are going to be paying for it. And he's also talking about how it's important to have a Fed chairman that understands that Americans need someone on their side to help them survive. That being a big part of the conversation now. Donald Trump also moved on to foreign policy issues, talking about what's happening in Iran, the president saying this To NBC News.

[Interviewer]

Should the supreme leader in Iran be worried right now?

[Donald Trump]

I would say he should be very worried. Yeah, he should be. As you know, they're negotiating with us.

[Interviewer]

I know they are, but the protesters have said, you know, where are the Americans? You promised them we would have their back. Do we still have their back?

[Donald Trump]

We've had back. And look, that country's a mess right now because of us. We went in, we wiped out their nuclear. So that's the question. If we wipe them out, Peace in the Middle East. If I didn't take out their nuclear. Think of it. If we didn't take out that nuclear, we wouldn't have peace in the Middle east because the Arab countries could have never done that. They were very, very afraid of Iran. Yeah, yeah, yeah. They're not afraid of Iran anymore. We wiped out those beautiful B2 bombers. One's right over there. That was beautiful little model. Those beautiful B2 bombers went in and they hit their target, every single bomb and obliterated it. And because of that, they were going to have a nuclear weapon within one month. Within one month, they were going to have a nuclear weapon. That was a big threat. They're not going to have it anymore.

[Interviewer]

But if we obliterate it, what's the deal about. I mean, if there's no more. Are they trying to restart the nuclear program?

[Donald Trump]

Well, I heard that they are. And if they do, and I let them know if they do, we're going to send them right back and do their job again.

[Interviewer]

So your understanding is they tried to restart it and that's why you're threatening force.

[Donald Trump]

They tried to go back to the site. They weren't even able to get near it. There was total obliteration. But they were thinking about starting a new site in a different part of the country. We found out about it. I said, you do that, we're going to do very bad things to you.

[Ben Ferguson]

We're going to do very bad things to you. The president not backing down on any of his promises there. The President Trump also asked the, of course, obsession question by the media, and that is that somehow he's going to stay in office for like a third term. NBC News actually taking the time to ask the president this question, and he had a little fun with it.

[Interviewer]

On January 21, 2029. Do you see any scenario where you are still president?

[Donald Trump]

I don't know. It would be interesting, but wouldn't it be terrible if I agreed with you, if I gave you the answer that you're looking for? It would make life so much less exciting, right? It would be so much less exciting. But I only do this for one reason, make America great again. And that's what we're doing. We're making America great again. Greater than ever before. Our country is greater than ever before.

[Ben Ferguson]

The President obviously having a little fun there with NBC News, not answering the question the way they wanted to, smiling from ear to ear, knowing that that was going to trigger them. Now back to the serious issues at hand. One of the things the President talked about was getting rid of excess government waste, fraud and abuse. And one of the examples of that is what he's been talking about with the Federal Reserve building. He is furious over the costs and then the cost overruns. The President asked about it and this is what he said. The American people are sick and tired of government abuse of your tax dollars.

[Interviewer]

There's been bipartisan suggestions that the criminal investigation to the current Fed Chair, Jerome Powell is payback. Right. For not lowering interest rates, but also for when he was in that sort of news conference with you with the hard hats and he was shaking his head and showing you the papers and disagreeing with you in public. Is that why he's under criminal investigation?

[Donald Trump]

He was very respectful to me. He wasn't. He was explaining to me. I'm asking him, why are you spending almost $4 billion on a very small little complex of buildings? It's the highest price per square foot. He's renovating buildings for three to four billion dollars. And you know, this Fed chair that I have is, I think is going to be great. He might not have a home because this guy has spent so much money. And I looked, it's a see through. There's nothing inside they haven't done. They are spending money. He's in charge of the project. He's. This is the Federal Reserve Building I'm talking about. It's a very small little. It's actually a couple of little bit. They're spending more money than any building ever built in history per square foot.

[Interviewer]

Some Republican senators say they're not going to approve him unless you drop that investigation.

[Donald Trump]

A lot of people say a lot of things.

[Interviewer]

You don't think that's true? You think I don't know, is it worth it to drop the investigation to get your Fed chair through?

[Donald Trump]

I think the investigation is. The investigation is being handled by Pam and Janine and the people. They'll make their own decision. Yeah.

[Ben Ferguson]

Now, the president was also asked one other fun question at the very end. It's a little bit about his legacy. How he'll be remembered and what he's done so far. And here's what the president had to say about all of that.

[Interviewer]

You think at one point people will talk about you when they talk about presidents like Washington and Lincoln, is that something you think is going to happen?

[Donald Trump]

It's such an honor. But all I know, I'm walking down and everyone's screaming, goat, goat. I said, what are they talking about? I hope they're right. Not for me, but for the country. Because if I do a great job, that means the country is doing well.

[Ben Ferguson]

That sums up President Donald Trump perfectly in his second term. If I do a great job, that means the country is doing well. And that's why there's so many Americans that are loving exactly what he's doing each and every day.

Thank you for listening to the 47 Morning Update with Ben Ferguson. Please make sure you hit subscribe wherever you're listening to this podcast right now. And for more in depth news, also subscribe to the Ben Ferguson Podcast and we will see you back here tomorrow.

[Donald Trump]

This is an iHeart podcast. Guaranteed Human.